It attributed its optimism to growth-stabilizing policies and rising demand from fields like new energy vehicles and solar energy.

"It is now clear that the Chinese government aims to, and is giving every indication that it will, maintain the target GDP and set GDP per capita," he said.

The country produced 3.44 billion tonnes of raw coal during the period, according to the National Bureau of Statistics.

Prices remain down by 33pc from their April peak of $1,200/st.

It found that mild weather over Australia's winter led to lower demand for electricity over the period.

With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

Coal is a main export commodity of Mongolia, which is rich in natural resources.

China announced on Friday that it will impose export controls on certain graphite materials and related products, effective from December 1.